Source: Coldwell Banker
This townhouse in Villa Montmorency, one of Paris's best neighborhoods, is on the market for about $18 million.
France’s new 75 percent income tax on the rich may not be popular with millionaires. But it’s being cheered by another group: Paris real-estate buyers.
Real estate agents say that the number of multi-million-dollar real-estate listings in Paris has jumped more than 25 percent over last year – due in part to the threat of the new income tax. More than 400 new listings have come onto the luxury real-estate market over the past six months, they say.It’s not a sell-off. And brokers caution that the increase in listings brings overall inventories at the high end to normal levels after unusually slim listings last year. Because of building restrictions in Paris and other French cities, the number of homes for sale is still limited.There are only about 8,000 properties sold each year for prices over $1 million or more.Still, brokers say the 75 percent tax on the wealthiest French citizens has contributed to the decision by many of the them to sell their homes in anticipation of a possible move to another country.“There is a real flow of French people leaving because of the taxes,” said Charles-Marie Jottras, president of Daniel Feau Group, the luxury real-estate brokers in Paris....MORE